We are needing a portfolio lender in the Indy area who will work with an investor who lives out of state. Credit score is good; income is good; just need suggestions at this point!
Try Crane Federal Credit Union. I know several investors who use them for SFR portfolios.
Ryan Dossey, Real Estate Agent in IN (#RB15001099)
The membership requirements of Crane Credit Union requires that members live or work inside the geographic area. It would be difficult to qualify for membership if the investor is out of state.
I thought that was the case as I have called them before. HOWEVER, our LLC has an Indy address. I wonder if they would accept that?
Update: Crane Credit Union only services a select number of townships in Indianapolis. The township my LLC is in is not one of them. So, on to the next credit union!
In order for the LLC to qualify the owners of the LLC must first qualify for membership. If the income of the LLC is material, then the owner of the LLC could possibly qualify for membership if they live outside the geographic area.
CCU services every township in Indianapolis EXCEPT Warren.
Really?? Then the guy I just talked to didn't know his stuff. Maybe I'll call back and hopefully get a different guy.
That's weird, because I live and work in Hamilton County and tried to work with Crane and they said I couldn't qualify. Maybe things have changed recently?
The membership requirements changed within the last year. These are the counties/townships:
If you live or work in the following counties you are eligible to join Crane Credit Union: Bartholomew, Brown, Clay, Daviess, Dubois, Gibson, Greene, Hendricks, Jackson, Johnson, Knox, Lawrence, Marion (Center, Decatur, Franklin, Lawrence, Perry, Pike, Washington, and Wayne townships), Martin, Monroe, Morgan, Owen, Orange, Parke, Pike, Posey, Putnam, Sullivan, Vanderburgh, Vermillion, Vigo, and Warrick.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.